The bill deregulates the way business decisions are made by creating a category of "benefit corporations" that would consider the social and environmental impacts of their decisions with the same importance as profit.

Under current law, a business purchasing from a local manufacturer could be liable to shareholders if it's determined that leaders aren't focusing purely on profit.

This legislation protects companies from such lawsuits, but exposes them to legal action if they do not pursue social and environmental benefit enough each year.